Feng Huang Wang·2025-05-30 07:56Core Viewpoint - The recent criticisms aimed at BYD, likening it to "Evergrande in the automotive industry," have been publicly addressed by the company's PR manager, who refuted these claims with data and comparisons to other major automotive companies [1][2]. Financial Metrics - BYD's debt-to-asset ratio is 70%, which is comparable to Ford (84%), General Motors (76%), Apple (80%), and Boeing (102%), questioning why BYD is singled out [1]. - BYD's total liabilities exceed 580 billion yuan, which is less than Toyota's 2.7 trillion yuan, Volkswagen's 3.4 trillion yuan, and Ford's 1.7 trillion yuan, indicating that BYD's debt levels are not particularly alarming [1]. - The company's interest-bearing debt stands at 28.6 billion yuan, significantly lower than Geely (86 billion yuan), SAIC (94.5 billion yuan), and Toyota (1.8 trillion yuan), suggesting a lower financial risk profile [1]. Accounts Payable and Revenue - BYD's accounts payable represent 31% of its revenue, which is lower than SAIC's 38% and Great Wall's 39%, indicating better management of payables relative to revenue [2]. - The payment cycle for BYD is 127 days, which is on par with Geely and significantly shorter than Great Wall's 163 days and SAIC's 164 days [2]. Operational Performance - For 2024, BYD projects revenues of 777.1 billion yuan, net profits of 40.3 billion yuan, R&D investments of 54.2 billion yuan, domestic tax contributions of 51 billion yuan, and cash reserves of 154.9 billion yuan, marking the best operational performance in the company's 30-year history [2]. Market Position and Industry Outlook - Chinese automotive brands have surpassed a 60% market share domestically, with a penetration rate of over 52% for new energy vehicles, and China has been the world's largest exporter of automobiles for two consecutive years [2]. - The company criticizes any negative commentary regarding the Chinese new energy vehicle sector as unwarranted [2].